SPX : the last mile
Updated
The trump euphoria has reached its peak. I'm not saying that the apocalypse is coming, but overbought is starting to look and feel like an understatement. (even the weekly Stoch RSI is approaching overbought territory - see SPX : up for a couple a weeks, before the downtrend resumes. The daily is glued to the ceiling) Still short with a stop at 2215, could very well be taken out... But my ultimate target of 2213.7 (see previous post : how high can it go) still stands as of this writing.
The summer top has been breached and now act as support (red line on chart). And has become the key level. Once breached on the downside, gravity should prevail.
Keep a close eye on the TNX who should act as a trigger. (see TNX SPX and the CPI)
Good luck, happy trading, and a happy thanksgiving to my American friends.
The summer top has been breached and now act as support (red line on chart). And has become the key level. Once breached on the downside, gravity should prevail.
Keep a close eye on the TNX who should act as a trigger. (see TNX SPX and the CPI)
Good luck, happy trading, and a happy thanksgiving to my American friends.
Note
If the support holds, we'll call it a fourth. Only the last fifth remains....
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